How Prevalent Is Tax Arbitrage? Evidence From the Market for Municipal Bonds

Topics:
Taxes
Tags:
Finance,
Financial Planning,
Free Trade,
Municipal Bond,
Tax Arbitrage,
Taxes
Source:
National Bureau of Economic Research

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Overview: Although tax arbitrage is central to the literatures on tax capitalization, implicit taxes, and even capital structure, there is little empirical evidence of the extent to which firms actually engage in tax arbitrage. This paper provides some evidence on the topic by focusing on a simple and observable corporate arbitrage strategy in the market for municipal bonds. It poses a puzzle for the literature, however, in that it finds little evidence of municipal bond tax arbitrage by non-financial corporations.

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Format: PDF | Size: 80KB | Date: Aug 2002 | Pages: 22

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